Only parts L & M are needed (Budgeted Income Statement, Budgeted Balance Sheet)

****NEEDED ASAP PLEASE

ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 50,000 Accounts receivable 434,240 Raw materials inventory 84,210 Einished goods 368,000 inventory Total current assets 936,450 Equipment, gross 602,000 Accumulated depreciation (151'000} Equipment, net 451:000 Total assets $1,387,450 Liabilities and Equity Accounts payable $ 196,610 Short-term notes 12,000 payable Total current liabilities 2\" ' 6 1 Long-term note payable 505,000 Total liabilities 713,610 Common stock 336,000 Retained earnings 337,840 Total stockholders 673,840 equity Total liabilities and $1,387,450 equity To prepare a master budget for April, May, and June of 2017, management gathers the following information: a. Sales for March total 23,000 units. Forecasted sales in units are as follows: April, 23,000; May, 15,300; June, 20,400; and July, 23,000. Sales of 241,000 units are forecasted for the entire year. The product's selling price is $23.60 per unit and its total product cost is $20.00 per unit. 11. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4,210 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,100 units. Raw materials cost $20 per unit. Each nished unit requires 0.50 units of raw materials. c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 nished goods inventory is 18,400 units, which complies with the policy. (1. Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour. 9. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $2.80 per direct labor hour. Depreciation of $21,520 per month is treated as xed factory overhead. f. Sales representatives' commissions are 10% ofsales and are paid in the month of the sales. The sales manager's monthly salary is $3,100. 9. Monthly general and administrative expenses include $13,000 administrative salaries and 0.596 monthly interest on the longterm note payable. h. The company expec 20% of sales to be for cash and the remaining 80% on credit. Receivables are collected in full in the month following the sale (none are collected in the month ofthe sale). 1. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month. j. The minimum ending cash balance for all months is $41,000. If necessary, the company borrows enough cash using a shortterm note to reach the minimum. Shortterm notes require an interest payment of 1% at each monthrend (before any repayment). Ifthe ending cash balance exceeds the minimum, the excess will be applied to repaying the short term notes payable balance. It. Dividends of $11,000 are to be declared and paid in May. I. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at40%inthequanerandpaHinthethkdcabndarquaden n1. Equipment purchases of $131,000 are budgeted for the last day of June. Complete this question by entering your answers In the tabs below. -------\"E Budgeted income statement for the entire second quarter (not for each month separately). (Round your nal 2 the nearest whole dollar.) Operating expenses Total operating expenses --------\" Budgeted balance sheet. (Round your nal answers to the nearest whole dollar.) 3 Total current assets Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity